Buying Vs Leasing a Honda
Below are some benefits of both leasing and financing through Ed Voyles Honda and Honda Financial Services. The following should help you decide how to purchase a new Honda:
In a lease you are not purchasing a vehicle instead, you contract to use it for the first and best period of its life. Following are some additional benefits to leasing a Honda:
One of the biggest advantages of a lease is that it does not usually require a substantial amount of cash up front. In many states, you can even pay the sales taxes as part of your monthly lease payment, rather than in a lump sum.
Lower Monthly Payment
If the finance period is the same, your monthly payments will be lower when leasing (vs. financing) because your payments will be based on the vehicle’s estimated depreciation. (You are contracting to use a portion of the car’s value, rather than buying the entire car.)
Enjoy a New Car Every Few Years
Your taste and preference may change, and a short-term lease makes it easy to drive a new car more frequently. Additionally, you may have needs for a larger or smaller car in a few years, and a lease makes it easy to plan for such changes.
Enjoy End-Of-Lease Options
You don’t have to worry about resale value. If your car depreciates more than the estimated residual value in your lease contract at full term, you can turn it in at the end of your lease term. But if it’s worth more, you can buy it and keep it or resell it. A lease gives you an option.
American Honda Finance provides you with Limited Excessive Wear and Use Waiver in the amount of $1500.00. Which means Honda Finance would waive Excessive Wear and Use charges caused by one or more single events, each of which total less than $500.00 to repair up to the maximum of $1500.00 Many lease companies DO NOT provide this Waiver.
American Honda Finance also provides TOTAL LOSS PROTECTION also known as GAP. In the event your vehicle is lost, stolen or destroyed Total Loss Protection would provide you with the difference in the amount of money you could owe. If your insurance company settles with you for less than the payoff, then the Total Loss Protection would pay the difference. All you would owe is any past due payments, late charges (if any), the insurance deductible, and any amounts deducted from the insurance company for other prior damage, excessive wear and tear, excessive mileage and taxes.
Financing a Honda from Ed Voyles Honda
If you typically keep your vehicle for five to ten years, then financing may be your best option. Honda Financial Services may be your best choice in financing your new vehicle, with competitive rates and terms designed to meet your needs.
Pride of Ownership
Ownership can instill a sense of pride. It can also build equity. Payment by payment, an owner’s equity may increase.
Drive As Many Many Miles As You Want
This is important to consider if you drive more than 12,000 to 15,000 miles per year.
Customize your vehicle
You can alter the interior or exterior to suit your taste (though your choices may affect the resale value.)
Still can’t make up your mind which choice is right for you, come by Ed Voyles Honda and a member of the finance team can address your financial needs and questions in person or call us at (877) 419-9994.